As part of its agenda-setting role in the maritime industry, Nigeria’s foremost maritime beat association, the Maritime Reporters’ Association of Nigeria (MARAN) is set to beam its searchlight on the Nigeria-China currency swap deal and its effects in shipping.
The event themed: “Navigating the Nigeria-China Currency Swap: Opportunities and Challenges for Maritime Businesses” is set to take place at the Rockview Hotel in Lagos, on April 15, 2025.
The currency deal aims to provide naira liquidity to Chinese businesses and yuan liquidity to Nigerian businesses while reducing their dependence on the dollar as a basis for transactions.
Critical stakeholders in the import and export business, policy-makers, and government agencies are expected to converge at the summit to explore the impact of the trade deal on the maritime industry amid the persistent fluctuations in foreign exchange with the dollar-naira swap.
Speaking about the event, MARAN President, Mr. Godfrey Bivbere, stated that the association decided to interrogate the policy further as China has been Nigeria’s biggest import partner over the years amid the debilitating effect of the American dollar on importation.
“Nigeria and Peoples Republic Of China recently renewed their currency swap agreement worth 15 billion Yuan ($2 billion), enabling the direct exchange of the Chinese Yuan and the Nigerian naira while bypassing the US dollar.
“This groundbreaking deal is expected to foster stronger bilateral trade, reduce transaction costs, and boost economic cooperation,” he remarked.
According to him, the event would evaluate the implications of the currency swap while discussing how the naira-yuan currency swap will affect transaction costs, trade volume, and the operational dynamics of importers, exporters, and maritime businesses at large.
Expected participants at the event include the Central Bank of Nigeria (CBN), the Nigeria-China Strategic Partnership (NCSP), Chinese Embassy, Ministry of Finance, importers, exporters, maritime operators, policy-makers, economists, financial institutions and trade organizations amongst others.
Bivbere opined that at the end of the event, there will be enhanced understanding of the Nigeria-Peoples Republic Of China currency swap and its impact on stakeholders in import, export, and maritime businesses.
“It has become imperative for Nigeria to adopt innovative strategies to safeguard its economic stability and reduce dependency on the U.S. dollar for international trade. One crucial tool that Nigeria must prioritise is negotiating currency swap agreements with major economies” he added.
Other expected outcomes include the identification of potential risks and opportunities arising from China’s growing economic influence in Nigeria and actionable recommendations for stakeholders to navigate changes in the trade and maritime landscape while strengthening collaboration among stakeholders to maximize trade benefits and economic growth.
